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Business applications vendor SAP expects its revenue from software to increase by between 15 percent and 17 percent this year, it announced Wednesday.

The Walldorf, Germany, vendor made the optimistic business outlook while announcing its fourth-quarter and full-year financial results.

Software revenue in the fourth quarter increased 18 percent to €1.18 billion ($1.40 billion as of Dec. 31, the last day in the period being reported), from €1.00 billion in the same period a year earlier, it said.